00:00and I hope you enjoy.
00:06So today we got big news in that Lisa Cook is countersuing President Trump on a personal basis
00:13and that she wants to stay on the Federal Reserve during this appeals process. Now the Federal
00:20Reserve has said they will defer to whatever the courts say. If the courts rule that she did
00:26something illegal as it related to her secondary mortgage, then the Federal Reserve will advise
00:32that she no longer participates on the board. If the courts find that she did not do anything
00:38worthy of being fired, then the Federal Reserve will keep her on the board. And if you go back
00:43to our previous episode, we spoke about the risks of Powell doing that. I also made a short TikTok
00:50and Instagram post today about this very specific risk. So you should go there and check it out
00:56as well. Now, tomorrow we are going to get the first legal hearing in front of a judge in the
01:03Lisa Cook case. It will be pivotal to see how the courts respond. Not only because the Fed said they
01:11will listen to whatever the courts say, but beyond that, it is because if Trump is able to fire Lisa
01:19Cook off the Federal Reserve for this, you can bet there are going to be many more lawsuits coming
01:26in the future against other Federal Reserve members that are not willing to toe the president's line.
01:32Everyone on that board, if you go looking deep enough, you will likely find a minor infraction.
01:39Everyone is human. Everyone has made mistakes, minor mistakes intentionally, unintentionally in their
01:45lifetime. If you chase someone with the police car down a highway, eventually they will slip and you
01:52can pull them over. It is the same philosophy here. So it will be very interesting to see what the judge
01:59rules, not just in terms of the actual ruling, but for the precedent that it sets for Trump in these
02:05remaining three and a half years. And then every president beyond that, that will use this precedence
02:11if it is afforded to them. So it's going to be very interesting and we are going to cover it.
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